[Funding alert] Renewable player Ayana raises $390M in fresh funding; NIIF to pick up majority stake
With the new funding, Ayana has received equity funding of $721 million till date, which is sufficient to scale up its renewable energy portfolio to over 4 GW over the next two years.
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CDC Group, NIIF, and EverSource Capital, the investors said in a joint statement.
With the new funding, Ayana has received equity funding of $721 million till date.
The additional equity funding includes $70 million from the CDC group, a British development finance institution, $284 million from the National Investment and Infrastructure Fund (NIIF), and $36 million from EverSource Capital-managed Green Growth Equity Fund, the domestic renewable energy platform said in a statement.
CDC Group, the UK’s development finance institution and impact investor, National Investment and Infrastructure Fund (NIIF), and EverSource Capital-managed Green Growth Equity Fund (GGEF) today announced additional equity funding in Ayana Renewable Power (Ayana), an Indian renewable energy platform. The proposed transaction envisages NIIF to become the majority shareholder in Ayana. CDC will put in $70 million, NIIF $284 million and GGEF $36 million. The commitment is subject to final approval processes. According to Sujoy Bose, managing director and chief executive officer, NIIF, the fund’s continuing support to Ayana demonstrates its belief in the large growth potential of the Indian renewable energy sector and in Ayana’s ability to generate stable risk-adjusted returns for investors. “With committed like-minded shareholders and a strong management team, we are confident that Ayana will become a leading player in this space, over the next few years,” he said.
PE funds invest $390 mn in renewable energy platform Ayana
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NIIF has invested about $284 million, EverSource Capital managed Green Growth Equity Fund (GGEF) invested $36 million and another $70 million investment from CDC Group
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Indian clean energy platform Ayana Renewable Power (Ayana), owned by UK s CDC Group, has received additional funding of about $390 million (Rs.2870 crore) from existing investors - National Investment and Infrastructure Fund (NIIF), and EverSource Capital, besides CDC.
NIIF has invested about $284 million, EverSource Capital managed Green Growth Equity Fund (GGEF) invested $36 million and another $70 million from CDC Group, said a company release today. Post this latest round of investment, NIIF would be the largest shareholder of Ayana.
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Ayana Gets Additional USD 390 Million Funding
Renewable energy platform Ayana on Thursday got additional funding worth USD 390 million from the CDC, the National Investment and Infrastructure Fund (NIIF) and the Green Growth Equity Fund (GGEF). CDC Group, the UK s development finance institution and impact investor, NIIF and EverSource Capital managed GGEF announced additional equity funding of USD 70 million, USD 284 million and USD 36 million respectively in Ayana Renewable Power (Ayana), a leading Indian renewable energy platform, a statement said.
FOLLOW US ON: New Delhi, Dec 17: Renewable energy platform Ayana on Thursday got additional funding worth USD 390 million from the CDC, the National Investment and Infrastructure Fund (NIIF) and the Green Growth Equity Fund (GGEF). CDC Group, the UK’s development finance institution and impact investor, NIIF and EverSource Capital managed GGEF announced additional equity funding of USD 70 million, USD 284 millio